Florida Tax Watch projects 150,000 more jobs

Florida Tax Watch report the state’s employment situation has looked brighter over the last twelve months (from June 2010 to June 2011) than any previous period since the Great Recession officially ended in June 2009. Total employment advanced by roughly 56,500 jobs while non-agricultural employment improved by 32,500 positions. These gains, however, are less than a 1 percent increase. Furthermore, job growth in the first two years of economic recovery (June 2009 – June 2011) has been unusually weak compared to previous recoveries.

Nonetheless, the third year of prior economic recoveries has been when Florida’s economy and job creation rapidly accelerate. As Florida enters the third year of the current recovery, the salient issue is whether or not history will re- peat itself. During the coming year (more precisely, to June 2012 from the latest data of June 2011) will the pace of job creation pick up sharply?

Florida Tax watch projects the job growth during the coming year will average about 12,500 a month, summing to 150,000 jobs. That represents an increase of approximately 2 percent, which is better than what Florida experienced during the first two years of recovery (2009-2011), but much slower than the rate of growth in the third year of the previous two recovery periods (4 percent).

See report: Aug 2011 Economic Perspective